Cryptocurrency News

Intuit Inc. Patents Its New Bitcoin Payment System Via Text Msg.

Intuit-  a business and financial software company that develops and sells financial, accounting, and tax preparation software and related services for small businesses, accountants, and individuals headquartered at California recently published its U.S. patent for Bitcoin Payment system in which the transaction is processed over the mobil text messages. In year 2014 filed its first patent, shortly after the launch of its  QuickBooks Bitcoin Payments service. The patent Application states:

“The invention relates to a way for processing payments. The tactics include receiving, by a payment service from a money handler mobile device of a money handler, a payment text message comprising a payment quantity associated as a symbol of a receiver mobile device.”

The verification of these transactions via text messages would be accompanied by various security protocols. One security protocol would include a password request is to be approved by both parties before a successful transaction. An automatic voicemail service is also to be introduced by the company for further validations.

These automatic voicemail services would include a voice call that would be auto disconnected by the payment service without answering confirming the transaction text received on mobile eliminating the threat of random spam message request sent by malware attack bots.

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